Components of a healthy business plan.
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The marketing mix is an assortment of means that a company uses to advertise to its target customers. It is guided by four parameters; price, place, product, and promotion. All these affect and influence each other and can constitute great success if handled right. It calls for a lot of consultation, market research, and experience. This study briefly explains how different factors affect brand promotion towards their target markets.
A SWOT analysis is the identification of a firm’s strengths, weaknesses, opportunities, and threats. It is a strategizing method that facilitates a strategic plan to achieve objectives. Strengths allow a company to gain a competitive advantage in the market. Weaknesses are quite different as they can be approached severally (Knudsen, Kellman & Jones 2013). They are the things the company is weak at; they can either be built upon or avoided for maximum efficiency. Opportunities enable the company to pinpoint their next moves while threats, allow the firm to identify whichever gaps in the market can be further exploited. All these applied in tandem allow for excellent business decisions and constant improvement method failure to which competitive advantage is lost.
A recent notable example of a product promotion masterpiece is the Netflix streaming platform. They excel at personalizing content for their subscribers. Every user has tailor-made preferences and suggestions that get accessed with ease (Knudsen, Kellman & Jones 2013). Also, with the current world at a standstill due to the COVID-19 pandemic, they doubled down on their content production, because they transcend at timed content and being consistent and while learning from past controversies.
This study being a diverse one, some factors of strategic business planning have been explored with a keen eye on a modern example to demonstrate how dynamic setting up a strategic business is.
Reference
Knudsen, S., Kellman, C., & Jones, G. (2013). The business of the media SWOT analysis: Netflix. Media Economics & Technology, IMC, 461, 1-28.